On the heels of Ford Motor Credit's deal, the largest auto loan securitization ever, Nissan's captive finance unit brought it own largest deal ever and enjoyed continued success in doing so. The $1.36 billion Nissan Auto Owner Trust 2002-A offering priced in line with the mammoth Ford deal, seeing subordination levels cut by 25 basis points to 6.25% for this, the eighth term ABS for the once-embattled firm.

As per its modus operandi, Nissan followed one of the Big-Three auto makers into the market, as Corporate Manager of Securitization Jennifer Kuritz carefully plots the timing of her deals. "I had anticipated a heavy month of auto supply in January and we like to follow (the Ford's) instead of compete," she said.

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